An issue of CDK Global Inc (NASDAQ:CDK) debt fell 0.5% against its face value during trading on Thursday. The debt issue has a 5.875% coupon and will mature on June 15, 2026. The debt is now trading at $102.63. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
Several research firms have commented on CDK. Morgan Stanley lowered their price objective on CDK Global from $75.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 15th. Zacks Investment Research lowered CDK Global from a “hold” rating to a “sell” rating in a research report on Monday, June 18th. Barrington Research restated a “buy” rating and issued a $80.00 price objective on shares of CDK Global in a research report on Monday, August 13th. BidaskClub lowered CDK Global from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. Finally, ValuEngine upgraded CDK Global from a “sell” rating to a “hold” rating in a research report on Tuesday, May 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $75.00.
CDK Global stock traded up $0.39 during mid-day trading on Thursday, hitting $62.55. The company had a trading volume of 937,200 shares, compared to its average volume of 1,144,477. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of -7.42. CDK Global Inc has a 12-month low of $59.84 and a 12-month high of $76.04. The firm has a market cap of $7.97 billion, a PE ratio of 20.55, a P/E/G ratio of 1.66 and a beta of 0.69.
CDK Global (NASDAQ:CDK) last announced its earnings results on Tuesday, August 14th. The software maker reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.07. The business had revenue of $569.20 million during the quarter, compared to the consensus estimate of $578.99 million. CDK Global had a negative return on equity of 235.59% and a net margin of 16.75%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the prior year, the company posted $0.55 EPS. equities research analysts forecast that CDK Global Inc will post 3.72 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Tuesday, September 4th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, August 31st. CDK Global’s payout ratio is 19.74%.
In other news, VP Jennifer A. Williams sold 4,114 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $61.65, for a total transaction of $253,628.10. Following the completion of the transaction, the vice president now directly owns 5,012 shares of the company’s stock, valued at approximately $308,989.80. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.39% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in CDK Global by 6.8% in the 1st quarter. BlackRock Inc. now owns 13,565,807 shares of the software maker’s stock valued at $859,260,000 after purchasing an additional 859,949 shares during the last quarter. Senator Investment Group LP raised its stake in CDK Global by 43.1% in the 2nd quarter. Senator Investment Group LP now owns 3,005,000 shares of the software maker’s stock valued at $195,475,000 after purchasing an additional 905,000 shares during the last quarter. FMR LLC raised its stake in CDK Global by 35.1% in the 2nd quarter. FMR LLC now owns 2,846,088 shares of the software maker’s stock valued at $185,138,000 after purchasing an additional 739,661 shares during the last quarter. Boston Partners acquired a new position in CDK Global in the 2nd quarter valued at $156,134,000. Finally, Bank of New York Mellon Corp raised its stake in CDK Global by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,344,089 shares of the software maker’s stock valued at $152,484,000 after purchasing an additional 386,080 shares during the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.
About CDK Global (NASDAQ:CDK)
CDK Global, Inc provides software and technology solutions for automotive retailers in the United States and internationally. The company operates through Retail Solutions North America, Advertising North America, and CDK International segments. The company offers Dealer Management System (DMS), a portfolio of layered software applications and services for automotive retailers, original equipment manufacturers (OEMs), consumers, and other industry participants manage the acquisition, sale, financing, insuring, parts supply, and repair and maintenance of vehicles.
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